The Venezuelan National Assembly has published in an extraordinary Official Gazette the new Insurance Activity Law, under which the insurance regulator is granted substantial new powers to intervene in the industry. The law, which was published on 29 July, is a complete redrafting of the 1995 Insurance Law and is in line with President Hugo Chavez's plans to redraw the economy. The law lists some 26 prohibited acts for insurance and reinsurance companies, including provisions governing group structure and which activities can be carried out by insurers.
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Venezuela’s new insurance activity law comes into force
- Edwards Wildman Palmer LLP
- Brian Green, Victoria Anderson, Jeanne Kohler and Alexander G. Henlin
- August 9 2010
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